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The World According to Blockchain

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The World According to Blockchain-11
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Blockchain Leads to Intense Energy Use

Bitcoin "mining," according to Jason Bloomberg at Forbes, demands a tremendous amount of energy. That is true of any blockchain initiative.

The demand springs from the requirement to distribute and store updates to digital ledgers to all participants. Bloomberg says that even if a small percentage of blockchain initiatives get off the ground, electrical consumption "will be enormous – and will continue to grow with no end in sight."

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A lot of confusion surrounds blockchain, the technology upon which bitcoin is built. Essentially, it is a platform in which transactions aren’t controlled or managed through a central node. Instead, it is a mesh. Every transaction is updated for everyone. If person A does business with person B, people C, D and E are all automatically updated.

This is a big conceptual change. It is also a big physical change, especially if the number of participants reaches into the millions. Juniper Research’s Blockchain Enterprise Survey for August 2017 showed that corporate understanding of blockchain grew during the past year, which is an assessment echoed by IT Business Edge’s Arthur Cole). Key findings: Fifteen percent of respondents know "very little" about blockchain, while 76 percent believe it could be "quite useful" or "very useful" for their firms.

At this point, blockchain comes with a cost: A bit over one-third, 35 percent, who are considering or actively deploying blockchain feel it will cause "significant internal disruption." More than half, 51 percent, who are considering or actively deploying blockchain feel it will cause "significant" disruption to their partners and/or customers.

Let’s look at where we are with blockchain and its potential.

 

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